Freedom Mortgage Corporation has purchased the assets of BluFi lending, a direct mortgage lender with branches in California and Nevada. Under the terms of the agreement, BluFi's five branches will be rebranded as Freedom Mortgage.
The acquisition is part of Freedom Mortgage’s strategy to expand its retail footprint in the Western U.S.
"The hard work of [BluFi CEO] John Lee and his talented team exemplifies what a well-established mortgage lending organization can accomplish. BluFi Lending built a solid market presence in the Western U.S. and Freedom Mortgage will help them continue to grow," said Stanley C. Middleman, president and CEO of Freedom Mortgage. "Freedom Mortgage is gaining valuable expertise, proven marketing tools and a retail platform to expand. We're pleased to have them become a part of Freedom Mortgage."
BluFi Lending was founded in 2009, and specializes in helping consumers save time and money on home loans for purchase and refinance.
"The industry's changes are opening up a lot of opportunities for lenders that have a solid plan in place," Middleman said. "Some companies are downsizing but, at Freedom Mortgage, we're growing. By merging with BluFi we're expanding our ability to foster homeownership to more people in a greater territory, and for that we are both excited and grateful."